PROP TX-BASE VALUE House SponsorsRep. Debbie Meyers-Martin 1/10/2023HouseSession Sine Die 35 ILCS 200/1-50.1 new35 ILCS 200/9-14535 ILCS 200/9-155 Amends the Property Tax Code. Provides that, for the 2022 taxable year and thereafter, in all counties, property shall be valued at the lesser of (i) its base year value, compounded annually since the base year by an inflation factor, which shall be the percentage change for the prior calendar year in the Consumer Price Index, but not to exceed 2% of the prior year's value, plus the value of any improvements to the property, and (ii) its full cash value, as defined in Section 1-50, taking into account reductions in value due to damage, destruction, depreciation, obsolescence, removal of property, or other factors causing a decline in value. Provides that "base value" means the higher of (i) the amount for which the property was last sold at an arms-length transaction or (ii) the fair cash value of the property as of the date of its last change of ownership. Effective immediately. 2/19/2021HouseFiled with the Clerk by Rep. Debbie Meyers-Martin 2/22/2021HouseFirst Reading 2/22/2021HouseReferred to Rules Committee 3/16/2021HouseAssigned to Revenue & Finance Committee 3/27/2021HouseRule 19(a) / Re-referred to Rules Committee 1/10/2023HouseSession Sine Die